Africa Prudential, United Capital declare N2.9b dividend

Shareholders of Africa Prudential (APR) Plc and United Capital Plc will receive N2.9 billion as total dividend payout for the immediate past business year.

Directors of the two companies-which were spun off from the United Bank for Africa (UBA), in separate filing at the Nigerian Stock Exchange (NSE) indicated that shareholders of APR will receive 33.3 per cent increase in payout while payouts to United Capital’s shareholders would be reduced by 30 per cent.

The Board of Directors of APR has recommended distribution of N800 million as cash dividend for the 2017 business year, representing a dividend per share of 40 kobo. The recommended payout for 2017 represents 33.3 per cent increase of 30 kobo dividend per share paid for the 2016 business year. The increase in dividend payout underlined the well-rounded improvement in the performance of the share registration company.

Directors of United Capital have recommended total cash dividend of N2.10 billion for the 2017 business year compared with N3 billion distributed for the 2016 business year. Shareholders will receive a dividend per share of 35 kobo for the 2017 business year as against 50 kobo per share received for the 2016 business year. United Capital struggled with a top-down decline in 2017 with net earnings dropping by 57.5 per cent.

Key extracts of the audited report and accounts of APR for the year ended December 31, 2017 showed that turnover rose from N2.42 billion in 2016 to N3.32 billion in 2017. Profit before tax also rose from N1.45 billion to N2.07 billion. After taxes, net earnings stood at N1.71 billion in 2017 as against N1.02 billion in 2016. Earnings per shares consequently increased from 51 kobo in 2016 to 86 kobo in 2017. The dividend will be paid on March 27, 2018 to shareholders on the register of APR as at the close of business on March 12, 2018.

In the same vein, key extracts of the audited report and accounts of United Capital for the year ended December 31, 2017 showed that turnover dropped from N9 billion in 2016 to N8.92 billion in 2017. Profit before tax declined from N6.37 billion to N5.55 billion while profit after tax dropped from N6.91 billion to N4.36 billion. With this, earnings per share declined from N1.15 in 2016 to 73 kobo in 2017.

United capital’s dividend will be paid on March 28, 2018 to shareholders on the register as at the close of business on March 08, 2018.